Definition TP Orders on MetaTrader 4 Explained with Examples
TP orders are cfd orders used to close open trades at a profit - TP orders take profit and close the trade once the specified TP level specified by a trader is reached.
TP orders automatically close trades at a profit once the set TP level is reached on the cfd chart.
Setting TP When Opening New Order on Tools Menu in MetaTrader 4
To open a new cfd order to buy or sell a trade use the tools menu found in MetaTrader 4 Platform as shown below.
The New order button key for placing a new cfds trade is illustrated below. (Short-Cut Key-board Keys 'F9')
What is TP on MT4 Platform? - How to Set TP When Opening CFDs Orders in MT4
Once you select the new order button as illustrated above the following cfd trade order popup window will appear and as a trader you'll use this trade order popup window to set the TP Level for your new cfd trade transaction.
This pop up includes settings for placing a new cfd trade order as well as settings for setting TP Level.
How to Set CFD TP Orders on MT4 Platform - Set TP Order in MT4
The Following TP Order Settings are specified for setting up a new TP cfd trade order:
TP - Set TP, This option can also be set after opening the trade, or for the pending cfd orders
Open the Buy or Sell Trade by Clicking on the Following Button Keys:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current cfd price and open new cfd order choose the Buy by Market cfd order button
To Sell at current cfd price and open new cfd order select the Sell by Market cfd order button
After opening the new trades use the TP Window Above to Set the TP order for the New CFDs Order.
You can also get this window so as to modify an already open buy or sell cfd trade - To find this order panel for a buy cfd trade, right click on the opened buy or sell cfd trade, then after that you click on the 'Modify Order' after you click the modify order button the above order settings button will appear & you as a trader can use set the TP Order using the step by step procedure described above.
